2024-11-13T12:30:57-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 220 S 6TH STREET SUITE 300 MINNEAPOLIS MN 55402 990 2023-01-01 411802237 ELDERS LODGE CORPORATION ELDE 6122906107 1500 MAGNOLIA AVENUE ST PAUL MN 55106 PAM GOKEY BOARD TREASURER & SECRETARY 6128278382 2024-11-07 1 0 TYLER SWENSON P01663661 6123764500 2024-11-04 2023 2024-10-15 13:58:12Z PAM GOKEY 1500 MAGNOLIA AVENUE ST PAUL MN 55106 474668 0 X N/A X 1995 MN PROVIDE SUBSIDIZED APARTMENT HOUSING TO LOW INCOME SENIORS. 7 7 0 40 0 0 5605 300 435709 474356 21 12 0 0 441335 474668 0 0 0 0 64126 59106 0 0 0 530109 515717 594235 574823 -152900 -100155 2152950 2084643 3585728 3617576 -1432778 -1532933 X TO PROVIDE ELDERLY OR DISABLED PERSONS WITH HOUSING FACILITIES AND SERVICES SPECIFICALLY DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS, AND TO PROMOTE THEIR HEALTH, SECURITY, HAPPINESS AND USEFULNESS IN LONGER LIVING. 0 0 488107 0 474356 ELDERS LODGE CORPORATION (THE ORGANIZATION) IS A NON-PROFIT CORPORATION, WHICH OPERATES A 43-UNIT APARTMENT COMPLEX UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE COMPLEX, WHICH IS LOCATED IN SAINT PAUL, MINNESOTA, BEGAN RENTAL OPERATIONS IN APRIL 1997. THIS ORGANIZATION IS REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) AS TO RENT CHARGES AND OPERATING METHODS AND PARTICIPATES IN THE HUD RENT SUPPLEMENT PROGRAM. THE ORGANIZATION'S MAJOR PROGRAM IS ITS SECTION 202 CAPITAL ADVANCE.THE ORGANIZATION IS SUBJECT TO PROJECT RENTAL ASSISTANCE CONTRACT AGREEMENTS WITH HUD, AND A SIGNIFICANT PORTION OF THE ORGANIZATION'S RENTAL INCOME IS RECEIVED FROM HUD. PROJECT RENTAL ASSISTANCE CONTRACT MN46-S941-002 EXPIRES MARCH 31ST, 2028. HUD HAS AGREED TO PAY THE DIFFERENCE BETWEEN THE CONTRACT RENT, AS DEFINED IN THE AGREEMENT, AND THAT PORTION OF RENT PAYABLE BY QUALIFIED TENANTS. THE ORGANIZATION'S NON-MAJOR PROGRAM IS ITS PROJECT RENTAL ASSISTANCE, HOWEVER, FOR FEDERAL AWARDS COMPLIANCE PURPOSES THIS PROGRAM IS INCLUDED AS A MAJOR PROGRAM. 488107 1 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 0 1 0 0 0 MN X KELLI JOHANSON 6122906107 WASHINGTON AVE N SUITE 200 MINNEAPOLIS MN 55401 X SUZANNE NASH PRESIDENT 1.00 X X 0 0 0 IVY RASMUSSON VICE PRESIDENT 1.00 X X 0 0 0 PAM GOKEY SECRETARY/TREASURER 1.00 X X 0 0 0 SARAH ANDERSON DIRECTOR 1.00 X 0 0 0 NELDA GOODMAN DIRECTOR 1.00 X 0 0 0 CAROL HERNANDEZ DIRECTOR 1.00 X 0 0 0 REBECCA NELSON DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 0 300 300 RENTAL INCOME 531110 474356 474356 474356 12 12 474668 474356 0 12 X 59106 48674 10432 33619 33619 24143 24143 114689 114214 475 31859 21110 10749 158367 156949 1418 531 526 5 864 864 2114 2095 19 116117 115086 1031 29233 28970 263 MISC EXPENSE 3547 22 3525 PERMITS AND FEES 465 461 4 BAD DEBT EXPENSE 169 169 574823 488107 86716 0 367 23433 2980 30662 0 8470 4317886 2475812 1958192 1842074 191411 180004 2152950 2084643 100686 131681 14157 15009 3470885 3470886 3585728 3617576 X -1435828 -1535983 3050 3050 -1432778 -1532933 2152950 2084643 -100155 0 X 0 0 0 X 5000 5605 300 10905 440357 430714 437596 435709 474356 2218732 445357 430714 437596 441314 474656 2229637 0 224005 215714 217596 220709 259356 1137380 224005 215714 217596 220709 259356 1137380 1092257 422 231 19 21 12 705 422 231 19 21 12 705 298 170 16882 17350 446077 431115 454497 441335 474668 2247692 0.48590 0.49420 0.00030 0.00040 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE 0 1 X 283872 283872 3889564 2387158 1502406 46184 28345 17839 98266 60309 37957 1842074 REPLACEMENT RESERVE DEPOSITS 102304 RESIDUAL RECEIPTS RESERVE 1718 SECURITY DEPOSITS 15573 TAX AND INSURANC ESCROW 60409 180004 PART IV, LINE 2B: TENANT SECURITY DEPOSITS: AS A CONDITION OF OCCUPANCY, RESIDENTS OF ELDERS LODGE CORPORATION ARE REQUIRED TO MAKE SECURITY DEPOSITS. THE DEPOSITS ARE REFUNDABLE UPON LEAVING; THEREFORE, THEY ARE RECORDED AS A LIABILITY ON THE BALANCE SHEET. THESE FUNDS ARE TRACKED SEPARATELY FROM THE OTHER FUNDS OF ELDERS LODGE CORPORATION. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION HAD A MANAGEMENT AGREEMENT WITH PERENNIAL MANAGEMENT LLC DURING THE YEAR ENDED DECEMBER 31, 2023. MANAGEMENT FEES UNDER THIS CONTRACT ARE BASED ON 7.50% OF PROJECT REVENUES AND TOTALED APPROXIMATELY $33,619 FOR THE YEAR ENDED DECEMBER 31, 2023. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE MANAGEMENT OF THE ORGANIZATION REVIEWED THE FORM 990 IN DETAIL, WHICH WAS THEN FORWARDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER, DIRECTOR, AND COMMITTEE MEMBER OF ELDERS LODGE SIGNS A DISCLOSURE NOTING ANY EXISTING OR POTENTIAL CONFLICTS OF INTEREST AND RECOGNIZES THE ONGOING RESPONSIBILITY TO DISCLOSE ANY CONFLICTS OF INTEREST AS STATED IN THE CONFLICT OF INTEREST POLICY. INDIVIDUALS WITH A POTENTIAL CONFLICT OF INTEREST MUST DISCLOSE TO THE BOARD OR COMMITTEE THEREOF, WHO SHALL DETERMINE IF A CONFLICT EXISTS. THE INDIVIDUAL WITH THE POTENTIAL CONFLICT WILL NOT PARTICIPATE IN THE DISCUSSION NOR VOTE ON THE TRANSACTION. PROCEEDINGS RELATED TO CONFLICTS OF INTEREST ARE DOCUMENTED IN THE MEETING MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST AT THE ELDERS LODGE MANAGER'S OFFICE. FORM 990, PART IX, LINE 11G FEES FOR OTHER SERVICES: PROGRAM SERVICE EXPENSES 114,214. MANAGEMENT AND GENERAL EXPENSES 475. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 114,689.